Financial news

• Vauxhall to cut 400 jobs at Ellesmere Port as demand for Astra falls

  15-10-2017 19:05 via theguardian.com
  Rising costs and consumer preference for chunkier SUVs prompt move with output set to be reduced by at least 60,000 carsVauxhall workers will hear on Monday that nearly a quarter of jobs at the company’s Ellesmere Port site are being cut as the carmaker adapts to the decline of the traditional family car and rising costs.About 400 of the 1,800 jobs at the site are expected to go by Christmas, largely via voluntary redundancies, as demand for the Astra continues to slip in favour of chunkie
  
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• Sainsbury’s faces anger over London plot with just 4% affordable homes

  15-10-2017 18:14 via theguardian.com
  Campaigners say number of homes offered in supermarket’s Ilford high-rise development is ‘insulting’Sainsbury’s is facing housing campaigners’ anger over a proposed high-rise development surrounding an east London superstore that includes just 4% affordable homes.Local opponents have described the supermarket’s proposal that just 27 of the 683 homes in the Ilford project will be available for affordable rent as “insulting”. Continue reading...
  
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• New quid’s in, but not everyone is ready to accept the 12-sided coin

  15-10-2017 18:11 via theguardian.com
  Six months after the new pound came into circulation, some vending and parking machines are still not ready to accept it Are you still using the old pound coin? Share your stories and pictures Southern rail has been struck by delays again, but this time it is in adapting to the new pound coin. An unknown number of the operator’s ticket machines will not be ready to accept the new coin on Monday when the old round pound is phased out.About 400m round pounds were thought to remain in circula
  
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• So long, Slumdog? Film studio chief says Brexit threatens British cinema

  15-10-2017 17:58 via theguardian.com
  Lionsgate’s Zygi Kamasa fears hits such as Slumdog Millionaire will no longer be made as funding for UK films starts to dry upThe success of British cinema is being threatened by a loss of funding caused by Brexit, according to the chief executive of a major film company, who warned that hits such as Slumdog Millionaire and The King’s Speech may no longer be made in the future.Zygi Kamasa, the chief executive of Lionsgate UK and Europe, warned: “Between 2007 and 2013, over &eur
  
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• Vince Cable accuses Network Rail and HS2 firm of being secretive

  15-10-2017 13:55 via theguardian.com
  Lib Dem leader says companies’ failure to publish up-to-date minutes of board meetings amounts to lack of transparencySir Vince Cable has accused Network Rail and the company behind the HS2 rail link of being secretive at a crucial time for transport infrastructure in Britain.The Liberal Democrat leader said a repeated failure to publish the minutes of board meetings amounted to “a growing lack of transparency” at both state-funded organisations. Continue reading...
  
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• Lloyds shareholders' court case over HBOS takeover set to begin

  15-10-2017 13:19 via theguardian.com
  High court may ask five former Lloyds directors to explain circumstances of rescue at height of financial crisisA £600m case is due to begin in the high court this week which is expected to lead to five former directors of Lloyds Banking Group being asked to explain the circumstances that led to the rescue of HBOS during the height of the financial crisis.The bank’s former chair Sir Victor Blank and former chief executive Eric Daniels are among those named in the case brought by Lloy
  
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• World Bank and IMF, put your money where your mouth is on Somalia

  15-10-2017 12:38 via theguardian.com
  The institutions should match fine words about eradicating poverty with action to help one of the world’s most fragile statesIt is fair to say that Somalia was not top of the agenda at this year’s annual meetings of the International Monetary Fund and World Bank. Finance ministers and central bank governors were too busy chewing the fat over the state of the global economy and the threat posed by cybercrime to pay much attention to a poor country with a population of 14 million peopl
  
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• I’m locked in a dispute with a confused council and bumbling bailiffs

  15-10-2017 08:00 via theguardian.com
  Hammersmith & Fulham sent bailiffs to the wrong address, who threatened to take my car over a fine I knew nothing aboutIn April of this year we were on a month-long trip to Australia and had a friend staying in our flat. One morning we got a distressed call from her to say bailiffs had put a seizure notice through our door demanding £513 on behalf of Hammersmith & Fulham council. They were threatening to tow away our car if we did not pay up, which we did. Once back home I called t
  
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• Gap year guide: how to see the world and not end up in debt

  15-10-2017 08:00 via theguardian.com
  A bit of careful planning and a lot of hard work can result in a great life experience that bolsters your CV and pays its own wayTaking a gap year either side of university may be the adventure of a lifetime, but you don’t want it to plunge you into a lifetime of debt. With a bit of hard work and careful planning you gain a great experience that will shore up your CV while paying your own way – or at least part of it.The average gap year costs about £5,000, according to researc
  
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• Corbyn has a Washington ally on taxing the rich. But no, it’s not Trump

  15-10-2017 08:00 via theguardian.com
  The IMF has finally departed from 40 years of orthodoxy on taxation and economic growth, but it’s unlikely to persuade anyone in the US governmentThe International Monetary Fund has been on quite a journey from the days when it was seen as the provisional wing of the Washington consensus. These days the IMF is less likely to harp on about the joys of liberalised capital flows than it is to warn of the dangers of ever-greater inequality.The fund’s latest foray into the realms of progr
  
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• Bank governor will be happy that the Mogg has been put out

  15-10-2017 08:00 via theguardian.com
  But Mark Carney should still be on his guard when he goes before the revamped Treasury committee and new chair Nicky MorganMark Carney faces a revamped Treasury committee on Tuesday. The Bank of England governor will no doubt be relieved by the departure of Jacob Rees-Mogg, who criticised the Bank’s comments during the Brexit referendum campaign, to Carney’s evident irritation.Labour’s ultra-direct John Mann is still there but former chairman Andrew Tyrie, who stood down as an
  
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• Saudi Aramco denies it is planning to shelve $2 trillion listing

  15-10-2017 01:42 via theguardian.com
  The kingdom’s oil company dismisses reports it could drop huge international float in favour of private stake sales Saudi Aramco has dismissed reports that it is considering shelving plans for the world’s biggest ever flotation, with the state-owned oil company saying the $2tn (£1.5tn) listing was on track for next year.Amid concerns about the feasibility of such a huge international listing, the company was favouring a private stake sale to foreign governments, including China
  
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